Check out the TOP 3 benefits of Investing at Young age
By the time you grow old and plan for a property investment, it would be too late and unimaginable due to the electrifying property rates across cities in India. If you have already decided to invest, it is the best ever decision made. A mild compromise in the present can give a luxurious future.
For those who are curious to know the major benefits of investing at young age, here are the top 3 reasons:
Paying taxes is a must for all earning citizens which are inevitable. The best part of buying a property, especially a first property, there are various provisions for tax deduction if you have applied for home loan. According to Section 80C of the Income Tax Act, an individual can benefit with tax exemption up to Rs 1 lakh every year on the Principal amount paid against home loan in that particular year.
As per section 80EE, an exemption of Rs 1.5 lakh including Rs 1 lakh in addition is allowed in the interest paid from the income that is taxable. A first time home buyers can spend their income efficiently with these laws and regulations in place.
It is all YOURS
After all, the EMI amount that you pay for the loan amount equals the monthly rent that you pay for a house. But, at the end, don’t forget that the property belongs to you. The property owned by you can be sold off in future with huge profit or some amount more than the purchase price.
A lot of time is there. Relax!!
Time is available in plenty for the young investors. Return on investments can be thought in depth before finishing the deal. Young home buyers have ample time to think and analyze about investing in pre-launch of projects without caring much about the possession date.